MGT 124 Chapter 1-5S

Productivity Formula

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Productivity Growth

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Multifactor Productivity

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MAD - Mean absolute deviation

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MSE - Mean squared error

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MAPE - Mean absolute percent

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Exponential Smoothing
- Forecast = (inverse alpha * Previous Forecast) + (alpha * Actual)
Backup System Rule 1 - Success dependent on multiple successes
Backup System Rule 2 - Two events and at least one backup is needed for success
- P1 = .90 and P2 = .80
- Success = .90 + (1-.90) x .80 =
Backup System Rule 3 - two or more events and one is needed as success
Efficiency Equation

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Utilization Equation

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Maximin

The best worst
Maximax

The best best
Laplace

The best average in the row
Minimax Regret

Least regret
Expected Value of Perfect Information
- EVPI = Expected payoff under certainty - Expected payoff under risk
- Use best expected value times weighted row and add together to get EVcert.
- Use best alternative from Minimax Regret for EVrisk.
PDCA cycle

Plan Do Check Act
Profit Equation
- P = Q(R - v) - FC
- Profit = Quantity(Revenue - variable) - Fixed Cost
Quantity Equation for Profit
- Q = P + FC / R - v
- Quantity = Profit + Fixed Cost / Revenue - variable

Author

jerk7600

ID

334384

Card Set

MGT 124 Chapter 1-5S

Description

MGT 124 Operations Management

Updated

2017-09-19T02:51:43Z

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